AGF Reports August 2008 Mutual Fund Sales



    TORONTO, Sept. 3 /CNW/ - AGF Management Limited (AGF) reported a modest
increase resulting in total fee-earning assets under management (AUM) of
$48.7 billion as at August 31, 2008 compared to the previous month. Gross
sales of long-term mutual funds were $175.5 million. Net redemptions of
long-term mutual funds were $92.1 million for the month ended August 31, 2008.
    "Our mutual fund AUM remained steady from July 2008, however market
volatility continues to impact gross sales of long-term mutual funds for the
mutual fund industry. On a positive note, our redemption levels in August are
at the lowest level this year, indicating that clients are committed to
keeping funds invested in the market," said Blake C. Goldring, chairman and
chief executive officer, AGF Management Limited. "At AGF, we are strongly
committed to meeting the needs of our clients and remain confident in our
long-term fundamentals and objectives and the opportunities ahead."

    
    -------------------------------------------------------------------------
                  Assets at  Gross Sales  Redemptions   Net Sales  Net Sales
                     August       August       August      August     August
    ($ millions)      31/08         2008         2008        2008       2007
    -------------------------------------------------------------------------
    Long-term
     funds          $25,852       $175.5       $267.6      $(92.1)     $37.3
    -------------------------------------------------------------------------
    Money market        519         10.3         21.6       (11.3)      (1.8)
    -------------------------------------------------------------------------
    Total mutual
     funds          $26,371       $185.8       $289.2     $(103.4)     $35.5
    -------------------------------------------------------------------------
    Institutional
     and strategic
     accounts +
     High-net-worth  22,366
    ------------------------
    Total Assets    $48,737
    ------------------------
    

    Average daily mutual fund AUM for August 2008 was $26.1 billion. AGF
institutional, strategic and high-net-worth AUM declined 5.5% to
$22.4 billion, down from $23.7 billion at August 2007, primarily as a result
of market volatility, as well as client rebalancing and redemptions which were
non-performance related, offset by new institutional mandates.

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of more than 50 mutual
funds, the evolutionary AGF Elements portfolios, the Harmony asset management
program, AGF Asset Management Group services for institutional and
high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With
approximately $49 billion in total assets under management, AGF serves more
than one million investors. AGF trades on the Toronto Stock Exchange under the
symbol AGF.B.





For further information:

For further information: AGF Management Limited shareholders and
analysts, please contact: Greg Henderson, CA, Senior Vice-President and Chief
Financial Officer, (416) 865-4156, greg.henderson@AGF.com; Media, please
contact: Lucy Becker, Vice-President, Corporate Communications, (416)
865-4284, lucy.becker@AGF.com

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